Bitcoin Latest Green Candle Sparks Questions – Is A Real Reversal In Sight?

CryptoWzrd, in his latest daily technical outlook, noted that Bitcoin managed to close in the green, but the candle remains indecisive, signaling that a clear reversal is yet to form. He added that more healthy bullish candles are needed to confirm a shift in momentum. For now, his attention is on the lower timeframes, where he plans to look for the next long opportunity once the current position is secured.

Crypto analyst CryptoWzrd began his analysis by noting the ambiguity in recent price action, stating that the daily Bitcoin candle closed indecisively, although it was green. The primary focus of the past week was the traditional weekly candle close following the release of the US CPI data. Meanwhile, the weekly candle also closed without a clear direction, leaving the overall market structure ambiguous.

The analyst defined a clear condition for the rally to continue. BTC’s ability to push higher is entirely dependent upon holding above the $110,500 resistance level. Maintaining this key floor should generate enough positive momentum to boost the market further upside, targeting the major resistance at $120,000 and potentially higher if conviction remains strong.

However, if the price fails to hold $110,500, the market is at risk of declining further. In this scenario, the analyst targets the key technical support level located at $100,000 as the likely floor for the ensuing correction.

Regardless of whether Bitcoin executes a bullish or bearish move, the analyst issued a warning regarding the broader market. During the weekend, most altcoins will not forge their own paths but will instead simply mirror the outcome of Bitcoin’s price action.

The health of the altcoin market is directly linked to Bitcoin Dominance (BTCD), which the analyst observes as neutral on the daily chart. For altcoins to break free of Bitcoin’s gravitational pull and remain positive, the market requires more structural weakness in BTC.D. 

CryptoWzrd concluded the analysis by noting that the intraday chart activity had been “somewhat choppy” throughout the day, suggesting a lack of clear directional momentum in the short term. Despite this recent consolidation, the underlying expectation remains bullish.

Looking ahead, the analyst predicts a further upside move towards the $115,300 resistance in the near future. At this stage, the market has performed its necessary moves, and the next step is simply to wait for the market to play out and confirm the push toward the pivotal $120,000 resistance target.